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Old 22nd November 2016, 21:03   #436
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Default ARTICLE: How to sell a *USED* car in India

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Originally Posted by hserus View Post
None. You have 15 days after the issue of a changed RC book for you to submit transfer of insurance paperwork. However in my experience, you can just give the insurer the form 29 / 30 xerox, RTO receipt, delivery note etc copies immediately after submitting Transfer of Ownership papers at the RTO, and the insurer will initiate the name change on the insurance policy, on the understanding that once the RC is endorsed to your name, you will give them a copy of the same.

My advice is to not even use a broker or do it online, but to just walk into the nearest office of whichever insurance firm issued the policy, and get the transfer processed.

The legal position in case there is an accident during transfer of ownership is very contradictory so be very careful in the 2..3 days it takes to transfer insurance to your name or just don't take the car out for a spin till that happens.

See this for what I mean - https://www.policybazaar.com/motor-i...a-smooth-ride/

So - if there's not more than a month or two in the existing policy, the best possible way to go would be to ditch it and get a brand new policy for your 2nd hand car, from your regular insurer that you already have a relationship with, so it becomes easier that way.

Thanks again.
As a seller when I sell my car , it will take few days before the RC change is made and the insurance is changed to the buyer. What happens if there is a claim in the meantime and the insurance is still in the old owner or sellers name ? Does it create any legal liability for the seller or the delivery note can safeguard the interests of the seller ? Thanks in advance.

Last edited by pgupta : 22nd November 2016 at 21:16.
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Old 23rd November 2016, 07:04   #437
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Default Re: ARTICLE: How to sell a *USED* car in India

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Originally Posted by pgupta View Post
Thanks again.
As a seller when I sell my car , it will take few days before the RC change is made and the insurance is changed to the buyer. What happens if there is a claim in the meantime and the insurance is still in the old owner or sellers name ? Does it create any legal liability for the seller or the delivery note can safeguard the interests of the seller ? Thanks in advance.
The RTO acknowledgement slip and insurance transfer acknowledgement from the insurer are your cover against any sort of legal liability.

If the records have still not yet been updated you can be the target of a civil suit from the accident victim's family - if they file before checking the facts, in which case just having a lawyer produce these documents in court should be enough to get you released from the suit.

In my case when that happened to me some years back, the vehicle I sold was in a hit and run some days after the sale. The police officer who came to my home just saw the sale / insurance transfer documents and went away, after ascertaining the dealer that I'd sold it to.
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